Car insurance price increases - are we being ripped off?

[Denso]

Just received my car insurance renewal and it is circa 40% higher. Talking with lots of friends and all seem to be seeing similar rises. There does not seem to be any clear reasons behind this increase and even the price comparison sites are at the same costs. Same car, postcode and no claims or convictions, anyone shed any light on the increases or is this just blatant profiteering on behalf of the insurance providers.

With these crazy price increases will we see an increase on people on our roads driving without insurance and subsequently next years prices will be even greater?

Denso

 

[moonstone]

Insurance pricing has always been down to a melting pot of loads of variables.

The main culprits at the minute are BREXIT, inflation and higher salaries which all make the cost to provide services higher than previously. Weakened supply-chains are driving up the cost of repairs due to parts shortages as well, making them more expensive to procure. Staff salaries are much higher due to the competitive labour market and, of course you also have companies wishing to maintain their profit margins at the same time.

All results in increased costs to the end consumer.

Anyone who voted for BREXIT should be feeling pretty stupid right now or pretty angry that they were so brazenly lied to.

 

[Denso]

Insurance pricing has always been down to a melting pot of loads of variables.

The main culprits at the minute are BREXIT, inflation and higher salaries which all make the cost to provide services higher than previously. Weakened supply-chains are driving up the cost of repairs due to parts shortages as well, making them more expensive to procure. Staff salaries are much higher due to the competitive labour market and, of course you also have companies wishing to maintain their profit margins at the same time.

All results in increased costs to the end consumer.

Anyone who voted for BREXIT should be feeling pretty stupid right now or pretty angry that they were so brazenly lied to.

100% agree on BREXIT and also on profits/shareholders return. Something will have to give eventually as there is no way that salary increases are keeping pace with all of this.

Denso

 

[Senna11]

Just received my car insurance renewal and it is circa 40% higher. Talking with lots of friends and all seem to be seeing similar rises. There does not seem to be any clear reasons behind this increase and even the price comparison sites are at the same costs. Same car, postcode and no claims or convictions, anyone shed any light on the increases or is this just blatant profiteering on behalf of the insurance providers.

With these crazy price increases will we see an increase on people on our roads driving without insurance and subsequently next years prices will be even greater?

Denso

Crazy at the moment. Used LV & Churchill EOW hi both increased their prices by several hundred quid only to use them again but swapped the vehicles around and same price as last year. Bizarre.

 

[boba fett]

I've just bought another Range Rover Sport, I insured it just a few days ago and it 45% higher than the one we had a year ago and its exactly the same model and year!